Owning a Coinbase Verified Account will give you access to trading cryptocurrencies and buying digital currency via your local bank account depending on your situation, this may be the best way to purchase cryptocurrencies with fiat currency. In this article, we’ll explore the benefits of owning a verified account on Coinbase and how it can benefit you.
What is a Coinbase Verified Account?
A Coinbase verified account is a service that allows customers to buy cryptocurrencies by linking their bank account and credit/debit card to their Coinbase account, no matter how you acquire cryptocurrencies, you can use a verified account on Coinbase to make large purchases with your credit card or bank account.
This can be a huge advantage when it comes to buying large amounts of cryptocurrency, Coinbase has verified accounts in addition to basic accounts, whereas basic accounts have lower fees and fewer features, verified accounts come with an extra layer of security.
A Step-by-Step Guide to Owning a Verified Account
To Buy verified account on Coinbase, you’ll need to provide your name and a mailing address, from there, Coinbase will review your account and approve or decline you as a verified account holder, it may take a few weeks or up to a few months for Coinbase to complete this process.
Once you’ve been approved, you can link your bank account and credit card to begin buying and selling cryptocurrencies, to purchase cryptocurrencies on Coinbase, you’ll need to first fund your account with US dollars or other fiat currency.
Once your account is funded, you can purchase cryptocurrencies from either the Buy/Sell or margin tab in your Coinbase account.
- To buy cryptocurrencies with a bank account, simply deposit cash into your account and then use your Coinbase account to complete the transaction.
- To buy cryptocurrencies with a credit card, you’ll need to provide basic personal information and a credit card number. You can also go this route if you don’t want to share your bank account information.
Pros of verified accounts on Coinbase
- No ID or bank account required – You don’t need an ID or bank account to create a verified account on Coinbase.
- Low fees – The fee for a verified account on Coinbase is a higher 3.99%, this is lower than the 1.49% fee for a basic account.
- Buy and sell cryptocurrencies
- Basic accounts on Coinbase can only buy and sell cryptocurrencies. A verified account can also trade in stocks and options.
- Easier to open an account
- Verified accounts are linked to your real name and a bank account that’s a lot more information than the name you use on Coinbase with a pseudonym.
- Easier to deposit funds – Unlike traditional cryptocurrency exchanges, Coinbase only accepts funds in US dollars, which means you only need a bank account, not a cryptocurrency exchange account.
How to Buy Cryptocurrencies with a Verified Account on Coinbase?
To begin buying cryptocurrencies with a verified account on Coinbase, navigate to the Buy/Sell or margin tab in your Coinbase account, from there, select the amount of cryptocurrency you want to buy and the payment method.
For a bank account transfer, select Deposit, next, enter the amount you want to deposit and the account name.
For a credit card purchase, select Buy Cryptocurrency, next, and enter the amount you want to spend and the card information you provided. Once you’ve selected your payment method and amount, click Next, then, confirm the transaction details and you’re ready to buy your selected amount of cryptocurrency.